As you may already be aware, new regulations were recently passed requiring all sponsors of qualified plans to file their Form 5500 and accompanying schedules electronically beginning January 1, 2010. Hard copies will no longer be accepted, rather will need to be submitted via the Department of Labor’s EFAST2 electronic on-line filing system. We will still be preparing your filing as in previous years.
To comply with these regulations and to update and streamline the ERISA filing process, the DOL has created a new, web-based electronic filing system known as EFAST2. The EFAST2 system provides all of the basic functionality required to fulfill annual reporting requirements from the website www.efast.dol.gov.
For the sake of accuracy, security, and timeliness, you must complete the registration process in a single session. Incomplete registration forms will not be saved in the EFAST2 database. If you end the session prior to completing the registration form, you will need to start the process over from the beginning. Below are the six steps to complete EFAST2 registration:
- Read and accept the privacy statement
- Provide contact information and select user type(s)
- Select challenge question and answer
- Verify registration information
- Receive a credentials email notification
- Retrieve and activate credentials
To register with EFAST2, you will need to log onto the EFAST2 web site, located at http://www.efast.dol.gov. On the navigation panel on the left side of the Welcome screen, you will click on the “Register” link. Complete instructions for obtaining your credentials are attached.